A Canadian billionaire who founded its second-biggest company slammed outgoing Prime Minister Justin Trudeau after he announced retaliations for US President Donald Trump’s tariffs.
Trudeau, who dramatically resigned from office last month, declared Sunday that he was slapping tariffs on $107 billion of US goods.
The tariffs will take effect on Tuesday, the same day as Trump’s tariffs with see 25 percent on goods from Mexico and Canada, and 10 percent on Chinese products.
They have the potential to disrupt more than $2.1 trillion in annual trade between those nations and the United States, but Tobi Lutke – the co-founder of Shopify – said Canadians want their government to follow Trump’s demands.
‘I’m disappointed that [the] Trump admin placed the 25 percent tariffs,’ he posted on X. ‘I’m disappointed that this is our government’s response.
‘I love Canada and want it to thrive,’ Lutke continued. ‘I built Canada’s biggest tech company here because I know it’s a special place.
‘Canada thrives when it works with America together. Win by helping America win.
‘Trump believes that Canada has not held its side of the bargain, and he set terms to prove that we still work together: get the borders under control and crack down on fentanyl dens,’ Lutke explained.Â
Tobi Lutke – the co-founder of Shopify –Â (left, with his wife) said Canadians want their government to follow Trump’s demands
Trudeau declared Sunday that he was slapping tariffs on $107 billion of US goods
‘These are things that every Canadian wants its government to do too,’ Lutke said. ‘These are not crazy demands, even if they come from an unpopular source.  Â
‘These tariffs are going to be devastating to so many people’s lives and small businesses,’ he continued.
‘Leadership is about doing what’s right, not what is popular. And hitting back will not lead to anything good.
‘America will shrug it off. Canada will decline,’ he predicted, saying a trade war is ‘simply the wrong choice in a possibility space where much better options would have been available.’
Lutke founded Shopify, the e-commerce giant, in 2006. It is now worth an estimated $150billion, and is Canada’s largest ever tech company and biggest ever startup.
It is the second-largest company in the entire country, losing only to the Royal Bank of Canada.
Lutke, meanwhile, is worth an estimated $10billion, and is one of Canada’s richest people.Â
Under Trump’s plan, the United States would impose a 10 percent tariff on all energy imports from Canada – America’s largest foreign supplier of crude oil
Under Trump’s plan, the United States would impose a 10 percent tariff on all energy imports from Canada – America’s largest foreign supplier of crude oil.
He claimed the tariffs ‘will bring a tremendous amount of money in for our country and bring a rebirth in American manufacturing.’
In response, Trudeau said Canada would impose tariffs on American beer, wine and bourbon, as well as fruits and fruit juices.Â
Canada would also target goods including clothing, sports equipment and household appliances.
In his remarks Sunday, Trudeau admitted that the coming weeks would be difficult for Canadians – but suggested Americans would also suffer from Trump’s actions.Â
‘Tariffs against Canada will put your jobs at risk, potentially shutting down American auto assembly plants and other manufacturing facilities,’ Trudeau said, addressing US citizens during a press conference in Ottawa.
‘They will raise costs for you, including food at the grocery store and gas at the pump.’
Trump told reporters at Joint Base Andrews he would speak Monday morning with Canadian and Mexican leaders
The US president also acknowledged on Sunday that the tariffs will ‘maybe (and maybe not!)’ cause ‘some pain,’ as he argued on his Truth Social platform it would be ‘worth the price that must be paid.
‘We pay hundreds of Billions of Dollars to SUBSIDIZE Canada. Why? There is no reason. We don’t need anything they have,’ he wrote.
‘Canada should become our Cherished 51st State. Much lower taxes and far better military protection… AND NO TARIFFS.’
Later on in the day, Trump also said he would speak Monday morning with Canadian and Mexican leaders.
He told reporters at Joint Base Andrews that he would make it clear it would take significant action on their part to lift the tariffs.
‘They have to balance out their trade, number one. They’ve got to stop people from pouring into our country, and we’ve stopped it. They haven’t stopped it. We’ve stopped it,’ the president said, according to The Hill.Â
‘They have to stop people pouring in and we have to stop fentanyl. And that includes China.’
Trump went on to say he doesn’t ‘expect anything very dramatic’ to come out of the discussions.
‘We put tariffs on. They owe us a lot of money and I’m sure they’re going to pay.’
When he was then asked if he was considering responding to Canada’s retaliatory tariffs, Trump suggested it was possible.
‘It’s been a one-way street,’ he claimed. ‘We subsidize Canada to the tune of about $200billion a year, and for what? What do we get out of it? We don’t get anything out of it.
‘Something is going to happen there. If they want to play the game, I don’t mind, we can play the game all they want.’
Sir Keir Starmer has said he is keen to secure a trade deal with the US, with talks ongoing about the PM visiting the White House for talks, according to sources
The US president also suggested he would impose tariffs on the European Union and potentially even the United Kingdom if they do not purchase large quantities of American oil and gas to make up for its growing deficit with the US.
‘The UK is way out of line and we’ll see,’ he said on Sunday. ‘The UK – but European Union is really out of line.
‘UK is out of line, but I’m sure that one, I think that one can be worked out. But the European Union, it’s an atrocity what they’ve done.’Â
UK Prime Minister Keir Starmer has previously said he is anxious to secure a trade deal with the US, and sources in Washington told the Mail on Sunday that ‘talks are ongoing about Sir Keir coming to the White House for in-person talks’.
